House prices dipped by 0.2 per cent in January as the majority of the UK saw signs of a slowdown in the pace of growth according to the Office for National Statistics.
The average cost of a UK home is now £273,000 and year-on-year house price growth has dropped to 8.4 per cent in January, down from 9.8 per cent in December.
London continued to have the strongest annual price growth of 13 per cent, but even that hefty figure is well off its 21 per cent peak recorded just under a year ago.
The key ONS findings are:
- UK house prices increased by 8.4% in the year to January 2015, down from 9.8% in the year to December 2014;
- House price annual inflation was 8.5% in England, 4.9% in Wales, 7.8% in Scotland and 7.3% in Northern Ireland;
- Annual house price growth is beginning to show signs of slowing across the majority of the UK;
- Annual house price increases in England were driven by an annual increase in London of 13.0% and to a lesser extent increases in the East (9.9%) and the South East (7.6%);
- Excluding London and the South East, UK house prices increased by 6.5% in the 12 months to January 2015;
- On a seasonally adjusted basis, average house prices fell by 0.2% between December 2014 and January 2015;
- In January 2015, prices paid by first-time buyers were 9.7% higher on average than in January 2014. For owner-occupiers (existing owners), prices increased by 7.8% for the same period.
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